Advertisement Remove all ads

What Are the Various Ways in Which an Entrepreneur Spot Trends? - Entrepreneurship

Answer in Brief
Short Note

What are the various ways in which an entrepreneur spot trends?

Advertisement Remove all ads

Solution

(i) Read trends:
(a)Entrepreneurs regularly read the leading publications and websites affecting their business.
(b)Publications include industry publications, trade association sites, major newspapers, key business magazines, thought leaders and influential bloggers.
(c)They scan information from a wide variety of sources – from international news on down to niche bloggers focused on specific aspects of their industry. Obviously, there is a sunami of information available. They use tech-tools like RSS feeds, e-mail newsletters or websites and forums to keep on top out of all and get the information they want. They understand quickly which sources are valuable and which should be avoided.
(ii)Talk trends:
(a)Talking to people is an equally important trend-spotting tactic. They get involved in specific industry’s trade association and attending events both online and offline.
(b)From social networking tools like social network websites and forums.
(c )They even start or join groups on the networks and see what people are buzzing about the latest trends to customers regarding what customers thinking, buying, doing, etc. what customers are saying about the business, but what they’re saying about the competitor’s business.
(iii)Watch trends:
(a)Watching and observing the customers in the market place.
(b)If the customers are teenagers, in the local mall.
(c)If they are business class people, it might be restaurant or office park restaurant center.
(d)The entrepreneur spends some time simply watching and observing, what people are eating, doing, wearing, using.
(iv)Think trends:
(a)As an entrepreneur begins gathering all these information regularly, they will start to develop a “trend-spotter mind.”
(b)They collect from what they read, heard and observed, and they start to making connections and observations that will lead to business-boosting insights.

Concept: Trend Spotting
  Is there an error in this question or solution?
Advertisement Remove all ads

APPEARS IN

CBSE Class 12 Entrepreneurship Textbook
Chapter 1 Entrepreneurial Opportunity
Short Answers (exceed 75 words) | Q 4 | Page 27
Advertisement Remove all ads
Advertisement Remove all ads
Share
Notifications

View all notifications


      Forgot password?
View in app×